AU Evening Wrap: Re-energised market rises for third day

Moomoo News AU wrote a column · May 17, 2022 02:06

G'day, mooers! Check out the latest news on today's stock market!
• ASX 200 closed up Tuesday, gaining 0.27% to 7,112.50.
• Top gainers: $Lynas Rare Earths Ltd (LYC.AU)$, $Beach Energy Ltd (BPT.AU)$, $Whitehaven Coal Ltd (WHC.AU)$
• Top losers: $Brambles Ltd (BXB.AU)$, $Mercury NZ Ltd (MCY.AU)$, $REA Group Ltd (REA.AU)$
- moomoo News AU

The $S&P/ASX 200 (.XJO.AU)$ rallied 19.5 points or 0.27 per cent. The Australian benchmark has put on more than 170 points since Friday amid speculation equities were temporarily oversold after four weeks of falls.

The energy sector climbed 2.1 per cent after Brent crude hit a seven-week high. Banks, miners and utilities also strengthened. Tech and real estate stocks declined.

At the heavyweight end, $Fortescue Ltd (FMG.AU)$ rose 2.27 per cent, $Rio Tinto Ltd (RIO.AU)$ 2.17 per cent and $BHP Group Ltd (BHP.AU)$ 0.55 per cent. Energy giants $Santos Ltd (STO.AU)$ and $Woodside Petroleum Ltd (WPL.AU)$ both put on around 2 per cent. $Beach Energy Ltd (BPT.AU)$ surged 6.12 per cent.

$Brambles Ltd (BXB.AU)$ fell 7.59 per cent from an eight-month high on news potential suitor CVC Capital had walked away. The European private-equity firm advised Brambles it would not put forward a formal proposal to acquire the Australian company or conduct detailed due diligence. CVC blamed "current market volatility" for its decision.

S&P/ASX 200 Movers for Tuesday (17/5)